Mumbai-based diversified financial services provider, Religare Enterprises, reported a significant turnaround in its Q2 FY24 earnings. On Monday, the company announced a consolidated profit of ₹40.4 crore ($5.4 million), marking a stark contrast to its ₹176.7 crore loss in the same quarter the previous year. This impressive performance was achieved despite a considerable decline in other income.
The company's operational revenue saw a substantial increase, surging by 36 percent year-on-year to ₹1,584.4 crore ($211.4 million). Following the announcement of the Q2 results, Religare Enterprises' stock experienced a nearly 1 percent rise to ₹231.51 on the NSE.
In addition to its financial results, the company made an important announcement regarding its leadership team. The Board of Directors has approved the elevation of Rakesh Asthaana to Whole Time Director on the Board. Asthaana is a retired Indian Police Service officer who served as Delhi's Police Commissioner until July 2022. He also held key roles as Chief of BSF and Director General of Civil Aviation Security and Narcotics Control Bureau.
Over the past six months, Religare Enterprises' stock has significantly outperformed the Nifty50 index with a return of 43.31 percent versus 5.29 percent, respectively. As of now, the shareholding pattern is divided into 80.42 percent public, 11.75 percent FIIs, and 7.84 percent DIIs.
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